KUALA LUMPUR, Nov 28 — Hong Leong Bank Bhd’s net profit rose to RM706.92 million in the first quarter (Q1) ended September 30, 2018, up 10.6 per cent from RM638.97 million recorded in the same period a year ago.
Revenue increased to RM1.25 billion versus RM1.18 billion previously while basic earnings per share stood at 34.55 sen, up from 31.24 sen.
Group Managing Director and Chief Executive Officer Domenic Fuda said the bank recorded an encouraging start to the new financial year with a net profit after tax of RM707 million in the first quarter, growing 10.6 per cent year-on-year (y-o-y) compared to the same period last year.
“The improvement was driven by a robust growth in non-interest income contribution, coupled with prudent cost control and lower impairment allowances.
“Business momentum has gained pace with gross loans and financing expanding 4.0 per cent y-o-y despite persistent challenges in the operating environment.
“We have maintained a very solid asset quality position with gross impaired loan ratio of 0.81 per cent, whilst loan impairment coverage ratio at 128 per cent is one of the strongest in the industry post adoption of Malaysian Financial Reporting Standards,” he said.
“The bank remained committed to delivering sustainable business growth and profitability to our stakeholders,” he added.
At lunch break, shares of Hong Leong Bank rose four sen to RM20.70 with 90,800 shares transacted. — Bernama
